China places tariffs on another $16B worth of USA goods

Lynette Rhodes

The Trump administration announced today that it would impose 25 per cent tariffs on imports of 279 items from China amounting to United States dollars 16 billion. China's latest tariffs will be implemented on August 23, in tandem with the U.S.

The tariffs are aimed at industrial, rather than consumer, imports.

The US is also considering further tariffs on another $200bn worth of Chinese goods which could come into effect in September.

That total could soon increase.

US President Donald Trump started announcing new tariffs on imports in January as part of an attempt to negotiate what he called "fair, bilateral trade deals that bring jobs and industry back onto American shores". Those duties could be in place after a comment period ends on 6 September.

Prior to the beginning of what is being dubbed as a "trade war" Chinese electric bikes were subject to no tariff and motors just 4%. With higher oil prices this year and the taxes they now can't avoid paying, the teapots are expected to reduce their imports, threatening China's oil demand growth, and ultimately, global oil demand growth.

The office of US Trade Representative Robert Lighthizer said its "exhaustive" investigation showed "China's acts, policies and practices related to technology transfer, intellectual property and innovation are unreasonable and discriminatory and burden US commerce". Beijing is expected to hit $16 billion worth of United States goods with equal tariffs in response to Tuesday's move. Schneider National Carriers Inc. and other firms testified during a hearing July 24-25 in Washington that there are no U.S. manufacturers and that the containers are nearly exclusively made in China.

China has responded with retaliatory tariffs of its own. GM already imports two models from China into the USA and Ford will soon import the Focus, and both export significant volume from the U.S.to China. But within days, Trump himself backed away from the deal, saying talks would "probably have to use a different structure".

In July, China's exports rose by 6 percent to 1.39 trillion yuan, a reading that beat market expectations, Huatai Securities said in a research note.

President Trump had repeatedly expressed discontent over the USA trade deficit with China, accusing the country of unfair trade practices, intellectual property theft, currency manipulation, and of providing state aid to Chinese firms.

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